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Home My WebLink About06-1052 ()b' /05~ ~ PROMISSORY NOTE Borrower: Joey V. Sullenberger 481 Sample Bridge Road Enola, P A 17025 Lender: Jan B. Castner 6330 Chesterfield Lane Mechanicsburg, P A 17050-2820 Lender: Nicholas E. Dunphy, Jr. 517 Reno Street New Cumberland, PA 17070-1947 Principal Amount: $ 284,000.00 Interest Rate: 6.92% Date of Note: May 11, 2005 PROMISE TO PAY. Joey V. Sullenberger, (hereafter as "Borrower") promises to pay to Jan B. Castner and Nicholas E. Dunphy, Jr. ("Lender") Fifty Thousand and 00/100 Dollars ($50,000.00) in lawful money of the United States of America as a received on this day as a down payment, and the remaining principal amount of Two Hundred and Thirty-Four and 00/100 Dollars ($234,000.00), together with interest on the unpaid principal balance from May 11, 2005 until paid in full. PAYMENT. This loan is payable over Sixty two (62) months. Borrower will pay this loan with interest computed on the unpaid principal balance at the rate of 6.92% per annum in 62 equal monthly installments of $4,500.00 with the first payment due and payable on May 11, 2005. Borrower's final balloon payment will be due on July 11, 2010, and will be for all principal and all accrued interest not yet paid. Payments include principal and interest. Unless otherwise agreed or required by applicable law, payments will be applied first to accrued unpaid interest, then to principal, and any remaining amount to any unpaid collection costs and late charges. The annual interest rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate in writing. FIXED INTEREST RATE. per annum. The interest rate on this Note is fixed at the rate of 6.92% SUBMISSION OF TAX RETURNS. Borrower shall submit with each monthly installment to Lender a copy of the previous month's sales tax return along with a copy of the returned check endorsed by the Department of Revenue evidencing payment of any sales tax liability to the Pennsylvania Department of Revenue. Borrower upon the filing of any personal, corporate or partnership tax retum including but not limited to the following (i) Federal Income Tax, (ii) State Income Tax, (iii) Pennsylvania Capital Stock Tax, (iv) Federal Withholding Tax Return, (v) Federal Employer's Unemployment Return, (vi) Pennsylvania State Withholding Tax Return and (vii) Pennsylvania Employee Unemployment Tax Return shall provide a copy of the return to Lender along with sufficient proof of payment. LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged 10% of the regularly scheduled payment. INTEREST AFTER DEF AUL T. Upon default, including failure to pay upon final maturity, Lender, at its option, may, if permitted under applicable law, increase the interest rate on this Note to the maximum rate permitted by applicable law. The interest rate will not exceed the maximum rate permitted by applicable law. If judgment is entered in connection with this Note, interest will continue to accrue on this Note after judgment at the interest rate applicable to this Note at the time judgment is entered. DEFAULT. Each of the following shall constitute an event of default ("Event of Default") under this note: PAYMENT DEF AUL T. Borrower fails to make any payment when due. OTHER DEF AUL TS. Borrower or any Guarantor fails to comply with or to perform any other term, obligation, covenant, or condition contained in this Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. DEF AUL T IN FAVOR OF THIRD PARTIES. Borrower or any Guarantor defaults under any loan, extension of credit, security agreement, purchase of sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's property or Borrower's ability to repay this Note or perform Borrower's obligations under this Note or any ofthe related documents. FALSE STATEMENTS. Any warranty, representation, or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. INSOL VENey. The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. CREDITOR OR FORFEITURE PROCEEDINGS. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a gamishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity of reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with respect to any Guarantor of any of the indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note. ADVERSE CHANGE. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is impaired. INSECURITY. Lender in good faith believes itself insecure. LENDER'S RIGHTS. Upon default, Lender may, after giving such notice as required by applicable law, declare the entire unpaid principal balance on this note and all accrued unpaid interest immediately due, without notice, and then Borrower will pay that amount. ATTORNEY'S FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that amount. This includes, subject to any limits under applicable law, Lender's reasonable attorney's fees and Lender's legal expenses, whether or not there is a lawsuit, including attorney's fees, expenses for bankruptcy proceedings (including any efforts to modify or vacate any automatic stay or injunction), appeals and any anticipated post-judgment collection services. If not prohibited by applicable law, Borrower will also pay any court costs, in addition to all other sums provided by law. W AlVER OF JURY TRIAL. THE BORROWER IRREVOCABLY W AlVES ANY AND ALL RIGHTS THE BORROWER MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR CLAIM OF ANY NATURE RELATING TO THIS NOTE, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS NOTE OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE BORROWER ACKNOWLEDGES THAT THE FOREGOING W AlVER IS KNOWING AND VOLUNTARY. GOVERNING LAW. This Note will be governed by, construed and enforced in accordance with federal law and the laws of the Commonwealth of Pennsylvania. This Note has been accepted by Lender in the Commonwealth of Pennsylvania and is related to a commercial transaction. This transaction is not in connection with a consumer credit transaction. CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of Cumberland County, Pennsylvania. COLLATERAL. Borrower acknowl~es that this Note is secured by the terms and conditions of a Purchase Agreement dated d" '--' /1 teL 5. all the terms and conditions of which are hereby incorporated and made a part of this Note. SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower and upon Borrower's heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. GENERAL PROVISIONS. Lender may delay or forgo enforcing any o fits rights orremedies under this Note with losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as a maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several. If any portion of this Note is for any reason determined to be unenforceable, it will not affect the enforceability of any other provisions of this Note. CONFESSION OF JUDGMENT: BORROWER HEREBY EMPOWERS ANY ATTORNEY OF ANY COURT OF RECORD, TO APPEAR FOR BORROWER AND, WITH OR WITHOUT COMPLAINT FILED, CONFESS JUDGMENT, OR A SERIES OF JUDGMENTS, AGAINST BORROWER IN FAVOR OF LENDER OR ANY HOLDER HEREOF FOR THE ENTIRE PRINCIPAL BALANCE OF THIS NOTE, ALL ACCRUED INTEREST AND ALL OTHER AMOUNTS DUE HEREUNDER, TOGETHER WITH COSTS OF SUIT AND AN ATTORNEY'S COMMISSION OF THE GREATER OF 10% OF SUCH PRINCIPAL AND INTEREST OR $1,000.00 ADDED AS A REASONABLE ATTORNEY'S FEE, AND FOR DOING SO, THIS NOTE OR A COPY VERIFIED BY AFFIDAVIT SHALL BE A SUFFICIENT WARRANT. BORROWER HEREBY FOREVER WAIVES AND RELEASES ALL ERRORS IN SAID PROCEEDINGS AND ALL RIGHTS OF APPEAL AND ALL RELIEF FROM ANY AND ALL APPRAISEMENT, STAY OR EXEMPTION LAWS OF ANY STATE NOW IN FORCE OR HEREAFTER ENACTED. INTEREST ON ANY SUCH JUDGMENT SHALL ACCRUE AT THE DEFAULT RATE. NO SINGLE EXERCISE OF THE FOREGOING POWER TO CONFESS JUDGMENT, OR A SERIES OF JUDGMENTS, SHALL BE DEEMED TO EXHAUST THE POWER, WHETHER OR NOT ANY SUCH EXERCISE SHALL BE HELD FROM TIME TO TIME AS OFTEN AS LENDER SHALL ELECT UNTIL SUCH TIME AS LENDER SHALL HAVE RECEIVED PAYMENT IN FULL OF THE DEBT, INTEREST AND COSTS. NOTWITHSTANDING THE ATTORNEY'S COMMISSION PROVIDED FOR IN THE PRECEDING PARAGRAPH (WHICH IS INCLUDED IN THE WARRANT FOR PURPOSES OF ESTABLISHING A SUM CERTAIN), THE AMOUNT OF ATTORNEY'S FEES THAT LENDER MAY RECOVER FROM THE BORROWER SHALL NOT EXCEED THE ACTUAL ATTORNEY'S FEES INCURRED BY LENDER. PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. BORROWER AGREES TO THE TERMS OF THIS NOTE. This note is given under seal and it is intended that this note is and shall constitute and have the effect of a se instrument according to law. BORROWER: ) Amortization Schedule 234,000.00 6.92% 5/1112005 62 62 $4,500.00 6/1112005 , Prlnicpal Amount $ Interest Rate Date of Note Term (months) Amortization Period Payment Amount First Payment Date Flnai Payment Amount Date Interest Principal New Principal Year-to-Date Year-to-Date Total Interest Total Principal Interest Princioal Paid Paid 6/11/2005 $ 1,349.81 $ 3,150.19 $ 230,849.81 $ 1,349.81 $ 3,150.19 $ 1,349.81 $ 3,150.19 7/11/2005 $ 1,331.63 $ 3,168.37 $ 227,681.44 $ 2,681.44 $ 6,318.56 $ 2,681.44 $ 6,318.56 8/11/2005 $ 1,313.36 $ 3,186.64 $ 224,494.80 $ 3,994.80 $ 9,505.20 $ 3,994.80 $ 9,505.20 9/11/2005 $ 1,294.98 $ 3,205.02 $ 221,289.77 $ 5,289.77 $ 12,710.23 $ 5,289.77 $ 12,710.23 10/11/2005 $ 1,276.49 $ 3,223.51 $ 218,066.26 $ 6,566.26 $ 15,933.74 $ 6,566.26 $ 15,933.74 11/11/2005 $ 1,257.89 $ 3,242.11 $ 214,824.16 $ 7,824.16 $ 19,175.84 $ 7,824.16 $ 19,175.84 12/11/2005 $ 1,239.19 $ 3,260.81 $ 211,563.35 $ 9,063.35 $ 22,436.65 $ 9,063.35 $ 22,436.65 1/11/2006 $ 1,220.38 $ 3,279.62 $ 208,283.73 $ 1,220.38 $ 3,279.62 $ 10,283.73 $ 25,716.27 2/11/2006 $ 1,201.46 $ 3,298.54 $ 204,985.19 $ 2,421.85 $ 6,578.15 $ 11,485.19 $ 29,014.81 3/11/2006 $ 1,182.44 $ 3,317.56 $ 201,667.63 $ 3,604.28 $ 9,895.72 $ 12,667.63 $ 32,332.37 4/11/2006 $ 1,163.30 $ 3,336.70 $ 198,330.93 $ 4,767.58 $ 13,232.42 $ 13,830.93 $ 35,669.07 5/11/2006 $ 1,144.05 $ 3,355.95 $ 194,974.98 $ 5,911.64 $ 16,588.36 $ 14,974.98 $ 39,025.02 6/11/2006 $ 1,124.69 $ 3,375.31 $ 191,599.68 $ 7,036.33 $ 19,963.67 $ 16,099.68 $ 42,400.32 7/11/2006 $ 1,105.22 $ 3,394.78 $ 188,204.90 $ 8,141.55 $ 23,358.45 $ 17,204.90 $ 45,795.10 8/11/2006 $ 1,085.64 $ 3,414.36 $ 184,790.54 $ 9,227.19 $ 26,772.81 $ 18,290.54 $ 49,209.46 9/11/2006 $ 1,065.95 $ 3,434.05 $ 181,356.49 $ 10,293.14 $ 30,206.86 $ 19,356.49 $ 52,643.51 1 0/11/2006 $ 1,046.14 $ 3,453.86 $ 177,902.62 $ 11,339.28 $ 33,660.72 $ 20,402.62 $ 56,097.38 11/11/2006 $ 1,026.21 $ 3,473.79 $ 174,428.84 $ 12,365.49 $ 37,134.51 $ 21,428.84 $ 59,571.16 12/11/2006 $ 1,006.18 $ 3,493.82 $ 170,935.01 $ 13,371.67 $ 40,628.33 $ 22,435.01 $ 63,064.99 1/11/2007 $ 986.02 $ 3,513.98 $ 167,421.03 $ 986.02 $ 3,513.98 $ 23,421.03 $ 66,578.97 2/11/2007 $ 965.75 $ 3,534.25 $ 163,886.79 $ 1,951.77 $ 7,048.23 $ 24,386.79 $ 70,113.21 3/11/2007 $ 945.36 $ 3,554.64 $ 160,332.15 $ 2,897.14 $ 10,602.86 $ 25,332.15 $ 73,667.85 4/11/2007 $ 924.86 $ 3,575.14 $ 156,757.01 $ 3,822.00 $ 14,178.00 $ 26,257.01 $ 77,242.99 5/11/2007 $ 904.24 $ 3,595.76 $ 153,161.25 $ 4,726.24 $ 17,773.76 $ 27,161.25 $ 80,838.75 6/11/2007 $ 883.50 $ 3,616.50 $ 149,544.74 $ 5,609.73 $ 21,390.27 $ 28,044.74 $ 84,455.26 7/11/2007 $ 862.63 $ 3,637.37 $ 145,907.38 $ 6,472.36 $ 25,027.64 $ 28,907.38 $ 88,092.62 8/11/2007 $ 841.65 $ 3,658.35 $ 142,249.03 $ 7,314.02 $ 28,685.98 $ 29,749.03 $ 91,750.97 9/11/2007 $ 820.55 $ 3,679.45 $ 138,569.58 $ 8,134.57 $ 32,365.43 $ 30,569.58 $ 95,430.42 1 0/11/2007 $ 799.32 $ 3,700.68 $ 134,868.90 $ 8,933.89 $ 36,066.11 $ 31,368.90 $ 99,131.10 11/11/2007 $ 777.98 $ 3,722.02 $ 131,146.88 $ 9,711.87 $ 39,788.13 $ 32,146.88 $ 102,853.12 12/11/2007 $ 756.51 $ 3,743.49 $ 127,403.39 $ 10,468.38 $ 43,531.62 $ 32,903.39 $ 106,596.61 1111/2008 $ 734.91 $ 3,765.09 $ 123,638.30 $ 734.91 $ 3,765.09 $ 33,638.30 $ 110,361.70 2/11/2008 $ 713.20 $ 3,786.80 $ 119,851.50 $ 1,448.11 $ 7,551.89 $ 34,351.50 $ 114,148.50 3/11/2008 $ 691.35 $ 3,808.65 $ 116,042.85 $ 2,139.46 $ 11,360.54 $ 35,042.85 $ 117,957.15 4/11/2008 $ 669.38 $ 3,830.62 $ 112,212.23 $ 2,808.84 $ 15,191.16 $ 35,712.23 $ 121,787.77 5/11/2008 $ 647.29 $ 3,852.71 $ 108,359.52 $ 3,456.13 $ 19,043.87 $ 36,359.52 $ 125,640.48 6/11/2008 $ 625.06 $ 3,874.94 $ 104,484.58 $ 4,081.19 $ 22,918.81 $ 36,984.58 $ 129,515.42 7/11/2008 $ 602.71 $ 3,897.29 $ 100,587.29 $ 4,683.90 $ 26,816.10 $ 37,587.29 $ 133,412.71 8/11/2008 $ 580.23 $ 3,919.77 $ 96,667.52 $ 5,264.13 $ 30,735.87 $ 38,167.52 $ 137,332.48 9/11/2008 $ 557.62 $ 3,942.38 $ 92,725.13 $ 5,821.74 $ 34,678.26 $ 38,725.13 $ 141,274.87 10/11/2008 $ 534.88 $ 3,965.12 $ 88,760.01 $ 6,356.62 $ 38,643.38 $ 39,260.01 $ 145,239.99 11/11/2008 $ 512.00 $ 3,988.00 $ 84,772.01 $ 6,868.62 $ 42,631.38 $ 39,772.01 $ 149,227.99 12/11/2008 $ 489.00 $ 4,011.00 $ 80,761.01 $ 7,357.62 $ 46,642.38 $ 40,261.01 $ 153,238.99 1/11/2009 $ 465.86 $ 4,034.14 $ 76,726.87 $ 465.86 $ 4,034.14 $ 40,726.87 $ 157,273.13 2/11/2009 $ 442.59 $ 4,057.41 $ 72,669.46 $ 908.45 $ 8,091.55 $ 41,169.46 $ 161,330.54 .' 3/11/2009 $ 419.19 $ 4,080.81 $ 68,588.65 $ 1,327.64 $ 12,172.36 $ 41,588.65 $ 165,411.35 4/11/2009 $ 395.65 $ 4,104.35 $ 64,484.30 $ 1,723.29 $ 16,276.71 $ 41,984.30 $ 169,515.70 5/11/2009 $ 371.97 $ 4,128.03 $ 60,356.27 $ 2,095.26 $ 20,404.74 $ 42,356.27 $ 173,643.73 6/11/2009 $ 348.16 $ 4,151.84 $ 56,204.43 $ 2,443.42 $ 24,556.58 $ 42,704.43 $ 177,795.57 7/11/2009 $ 324.21 $ 4,175.79 $ 52,028.64 $ 2,767.63 $ 28,732.37 $ 43,028.64 $ 181,971.36 8/11/2009 $ 300.12 $ 4,199.88 $ 47,828.76 $ 3,067.75 $ 32,932.25 $ 43,328.76 $ 186,171.24 9/11/2009 $ 275.90 $ 4,224.10 $ 43,604.65 $ 3,343.64 $ 37,156.36 $ 43,604.65 $ 190,395.35 10/11/2009 $ 251.53 $ 4,248.47 $ 39,356.18 $ 3,595.17 $ 41,404.83 $ 43,856.18 $ 194,643.82 11/11/2009 $ 227.02 $ 4,272.98 $ 35,083.21 $ 3,822.20 $ 45,677.80 $ 44,083.21 $ 198,916.79 12/11/2009 $ 202.37 $ 4,297.63 $ 30,785.58 $ 4,024.57 $ 49,975.43 $ 44,285.58 $ 203,214.42 1/11/2010 $ 177.58 $ 4,322.42 $ 26,463.16 $ 177.58 $ 4,322.42 $ 44,463.16 $ 207,536.84 2/11/2010 $ 152.65 $ 4,347.35 $ 22,115.81 $ 330.23 $ 8,669.77 $ 44,615.81 $ 211,884.19 3/11/2010 $ 127.57 $ 4,372.43 $ 17,743.39 $ 457.81 $ 13,042.19 $ 44,743.39 $ 216,256.61 4/11/2010 $ 102.35 $ 4,397.65 $ 13,345.74 $ 560.16 $ 17,439.84 $ 44,845.74 $ 220,654.26 5/11/2010 $ 76.98 $ 4,423.02 $ 8,922.72 $ 637.14 $ 21,862.86 $ 44,922.72 $ 225,077.28 6/11/2010 $ 51.47 $ 4,448.53 $ 4,474.19 $ 688.61 $ 26,311.39 $ 44,974.19 $ 229,525.81 7/11/2010 $ 25.81 $ 4,474.19 $ (0.00) $ 714.42 $ 30,785.58 $ 45,000.00 $ 234,000.00 DISCLOSURE FOR CONFESSION OF JUDGMENT Borrower: Joey V. Sullenberger 481 Sample Bridge Road Enola, P A 17025 Lender: Jan B. Castner 6330 Chesterfield Lane Mechanicsburg, P A 17050-2820 Lender: Nicholas E. Dunphy, Jr. 517 Reno Street New Cumberland, PA 17070-1947 DISCLOSURE FOR CONFESSION OF JUDGMENT I am executing on this 11th day of May, 2005, a note for the principal amount of$ 284,000.00 A. I understand that the note contains a confession of judgment that will permit Lender to enter judgment against me in court, without advance notice to me and without offering to me an opportunity to defend against the entry of judgment. In executing the note, being fully aware of my rights to advance notice and to a hearing to contest the validity of any judgment or other claims that Lender may assert against me under the note, I are knowingly, intelligently and voluntarily waiving these rights, including any right to advance notice of the entry of judgment, and I expressly agree and consent to Lender's enteringjU~~~ainst me by confession as provided for in the confession of judgment provision. Initials B. I further understand that in addition to giving Lender the right to enter judgment against me without advance notice or a hearing, the confession of judgment provision in the note also contains language that would permit Lender, after entry of judgment, again without either advance notice or a hearing, to execute on the judgment by foreclosing upon, attaching, levying on, taking possession of or otherwise seizing my property, in full or partial payment of the judgment. In executing the note, being fully aware of my rights to advance notice and a hearing after judgment is entered and before execution on the judgment, I am knowingly, intelligently and voluntarily waiving these rights, and 1 express agree and consent to Lender's immediately executing on the judgment, in any manner permitte b applicable state and federal law, without giving me any advance notice. Initials: C. After having read and determined which ofthe following statements are applicable, and by placing !t~i~als next to each statement that applies, I represent that: Initials: r 1. 1 was represented by my own independent legal counsel in connection with the note. ~ 2. A representative of Lender specifically called the confession of judgment provision in the note to my attention. D. I certify that my annual income exceeds $10,000.00; that the blanks in this disclosure were filled in when I initialed and signed it; and that I received a copy at the time of signing. E. This Note is given in connection with a commercial transaction and not in connection with a consumer credit transaction. This disclosure is given under seal and it is intended that this disclosure is and shall constitute and have the effect of a sealed instrument according to law. Affiant: (-, .....") --.., u-1 '- ~ ; ~ ;:;.} . \.t',- ~ , : CA ~ , ~ & '. ~ C;) f"~- ~, ~ 10. '( '0 '\ ~ ...... ~ '\. ~ lV (\ . ('1 ~ , \\ ~ ~~ c; ,.-.... t ~ .' , ~; ~ ~ ';. ~ , ~ \"~ <:'i. Lowell R. Gates, Esq. Gates, Halbruner & Hatch, P.C. 1013 Mumma Road Suite 100 Lemoyne, P A 17043 (717)731-9600 (717) 731-9627 l.r.gates@gateslawfirm.com IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA NICHOLAS E. DUNPHY, JR., JAN B. CASTNER, Plaintiffs v. Civil Term No.: 2006-1052 JOEY V. SULLENBERGER Defendant PRAECIPE FOR ENTRY OF APPEARANCE TO THE PROTHONOTARY: Please enter our appearance as the attorneys for the Plaintiffs, Jan B. Castner and Nicholas E. Dunphy, Jr. in the above-captioned action. Gates, Halbruner & Hatch, P.C. Date: '7 ~ 'd-./O b , 1 (_'.', r~.'" ( N (j, . 0& - )6:5';2. a-)JI' . RELEASE . FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, Jan B. Castner and Nicholas E. Dunphy, Jr. (collectively, the "Secured Party") hereby release from, and declare to be free of any and all manner of lien or claim (including any sheriffs levy), now existing or that hereafter may exist, for and/or on account of any and all judgments, debts and/or obligations of any sort owed, previously owed, or hereafter that may be owed (specifically including, without limitation those certain Judgment Liens filed February 22, 2006, filed in the Court of Common Pleas of Cumberland County, Pennsylvania, and assigned to Nos. 2006-1052 and 2006-1053 Civil Term thereat), to Secured Party (collectively, the "Obligations"), all items of tangible personal property owned by Joey V's, Inc. and/or Joey V. Sullenberger and heretofore utilized at the restaurant known as Joey V's Italian Bar and Grill in East Pennsboro Township, Cumberland County, Pennsylvania (collectively the "Tangible Personal Property"), specifically including but not limited to those items listed in Exhibit "A" attached hereto and herein incorporated by reference, but excluding therefrom proceeds of any Tangible Personal Property. The Tangible Personal Property does not include that certain restaurant liquor license #R- 9473, and assigned to LID 54-552, issued by the Pennsylvania Liquor Control Board, and owned by Joey V's, Inc. This instrument is binding upon Secured Party, and shall inure to the benefit of Joey V's, Inc., its successors and assigns, Joey V. Sullenberger (but only to the extent, if any, he has an interest in the Tangible Personal Property), his heirs and representatives, and any successor . owner of the Tangible Personal Property or any part thereof, specifically including, without . . limitation, Cafe on Market, Inc. ("Cafe") and Cafe and/or its counsel is hereby authorized to file any necessary DCC financing statements to evidence Secured Party's release of the Tangible Personal Property. The Secured Party, expressly reserves all claims against, and does not hereby release or waive any claim against, or amounts due and payable by, Joey V's, Inc. and/or Joey V. Sullenberger and/or any co-obligor, surety, guarantor, or accommodation party. Intending to be legally bound hereby, the Secured Party has executed and delivered this instrument and has authorized and directed its undersigned counsel and representative to execute and deliver this instrument this / 'I f-.. day of July, 2006. ~~.J~ tI~~ Yk ~ .MW j ~tJIUbt(/ Lowell R. ates, Esquire, Attorney; or Secured Party . . . . . Equipaleat Lite fbr lo.y~.. Cold Bu6C Hot Iu&t 2Bay SClup T" 3 ., DellI.. "Bq sc..lMJe True 2 Doer. - .... llIIctric Coal. _ l~ 0YIlI a.fDd,......... wi ~_. ....... 0- DeS a. 3nIiJIr 2l1JJI....- 41125" Be. ,.. 2 Door CooIIr ,. .1i.7' .... GriI *,b .... '0CId W_ .f\~tri_ s.-"CooI RollIn 2IlQt. Yaw MIIc CI)aI S). 1 BallI'" ~- JIIIIIpI x,. ... TV. s.r Zao.. DoarCao1lr J Door .. lid: CoaIIr <III 011II 'II.... SIlIIp TV ~ ..- NQ POls,... c.. ,. TOA!ou.d ~ a.. D!IpII.r CuI 2 Ollar DdM CooIIr ....0- CaoI.- VIriGuIJIk__ Qiaa 0/aIMre lor md .-- SWIll.. Steel Cantaillel'l ProIfllllllllb1. Outdoore.\C.,quee SGocJu (V4liOUJ) C/lain Tabla WIlJc-in C~ wilh W~k.ln 1'_ Iacbon DiJb :.iadliM Stain/PI Sreel T~l" IDCBZII'1' -A- ~ b:Ics '.... b 3'" Silt dill) "-Hal tJ8.r ti a. StaoIa c-.r- 0II0e~ -- (":\ 1(\ _ PJ \1 lrt ~~ .(l. ~ \) CI ~ 1- c , ' C1 -("1 :=:! :;t C,) " \...P ~ , O~- I()~~ RELEASE FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, Jan B. Castner and Nicholas E. Dunphy, Jr. (collectively, the "Secured Party") hereby release from, and declare to be free of any and all manner of lien or claim (including any sheriff's levy to which the Secured Party shall be responsible for payment of any necessary costs, including any poundage, required to obtain a release therefore), now existing or that hereafter may exist, for and/or on account of any and all judgments, debts and/or obligations of any sort owed, previously owed, or hereafter that may be owed (specifically including, without limitation those certain Judgment Liens filed February 22,2006, filed in the Court of Common Pleas of Cumberland County, Pennsylvania, and assigned to Nos. 2006-1052 and 2006-1053 Civil Term thereat), to Secured Party (collectively, the "Obligations"), that certain restaurant liquor license #R-9473, and assigned to LID 54-552 (now know as LID 57039), issued by the Pennsylvania Liquor Control Board, and owned by Joey V's, Inc. (the "Liquor License") and heretofore utilized at the restaurant known as Joey V's Italian Bar and Grill in East Pennsboro Township, Cumberland County, but excluding therefrom proceeds of the Liquor License. This instrument is binding upon Secured Party, and shall inure to the benefit of Joey V's, Inc., its successors and assigns, Joey V. Sullenberger (but only to the extent, if any, he has an interest in the Liquor License), his heirs and representatives, and any successor owner of the Liquor License or any part thereof, specifically including, without limitation, Cafe on Market, Inc. ("Cafe") and Cafe and/or its counsel is hereby authorized to file any necessary DCC financing statements to evidence Secured Party's release of the Liquor License. 628208.1 -': .. The Secured Party expressly reserves all claims against, and does not hereby release or waive any claim against, or amounts due and payable by, Joey V's, Inc. and/or Joey V. Sullenberger and/or any co-obligor, surety, guarantor, or accommodation party. The Secured Party reserves all claims against the proceeds from the Liquor License. Intending to be legally bound hereby, the Secured Party has executed and delivered this instrument and has authorized and directed its undersigned counsel and representative to execute and deliver this instrument this 1st day of November, 2006. ,-~~~ - L----.- /~~ -ij;;;yv; ~ Lowell R Gates, Esquire, Attome~ for Secured Party -2- ~ .l.4. r-' C) c::> V'\ c.:~'," -n ~ 'i t,;j-'Io .-\ . -- ::c --n C> st: n'?' -0 P2 \) I ----", ~""..-'" "-.J e,..) ~ ~::~ S~}! --- ~ -, ~ () -"" .~ "';f S-~:.' 1I1 ",., II - (~!\ tY ~., ~',-,., -- ""J ~ (;j 1- r<> ::<. -'